Peel peaches. Place each peach in lemon-juice mixture as soon as it is peeled, turning to coat completely to help prevent darkening.

Over high heat, heat peach mixture to boiling. Reduce heat to low; cover and simmer 5 to 10 minutes until peaches are tender. With slotted spoon, remove peaches to large bowl.

Over high heat, heat lemon-juice mixture in Dutch oven to boiling; cook about 30 minutes, uncovered, or until liquid is reduced to about 3 cups. Stir in peach preserves until dissolved. Pour hot syrup over peaches in bowl. Cover and refrigerate until peaches are chilled, turning them occasionally.

To serve, arrange peaches in large serving bowl. Pour syrup over peaches. Garnish with lemon slices and remaining thyme sprigs.

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